Who is Sir Jim Ratcliffe? INEOS founder who acquired 25% stake in Manchester United

Sir Jim Ratcliffe became a minority shareholder at Manchester United as INEOS acquired a 25% stake, the club confirmed on December 24. As a part of the agreement, Sir Ratcliffe will now also take control of the football operations at the Old Trafford. Several changes including the appointment of Jean-Claude Blanc as the next Chief Executive could be executed by the British billionaire.

3 things you need to know

• Sir Jim Ratcliffe acquired a 25% stake in Manchester United
• He will also take control of the football operations
• INEOS will also have two representatives on the Manchester United board

Know all about Sir Jim Ratcliffe, minority owner of Manchester United

A boyhood United fan, Ratcliffe's interest in the sports is not new. His reported outlay of £1.2 billion to acquire a minority part of United is not the first as he already owns French giants Nice and Swiss football team FC Lausanne-Sport. The 71-year-old founded INEOS back in 1998 and since then hasn't looked back.

Also Read: Manchester United takeover complete: Glazer family sells minority stake to British billionaire

INEOS has become a revelation in the chemical sector and is one of the wealthiest British business tycoons. As per Forbes, his net worth is somewhat around £18 billion making him the richest in Britain. INEOS is currently the 4th largest chemical engineering company and has a turnover of around £59 billion.

One of the many portfolios under INEOS Sport is the cycling team "INEOS Grenadiers." INEOS also holds a significant stake in the Mercedes F1 team and is also the leading sponsor of Lewis Hamilton's team.

Sir Jim Ratcliffe vows to bring back the lost glory at Manchester United

The billionaire also is expected to invest $300 million as a part of the Old Trafford redevelopment. Ratcliffe issued a statement as he insisted he will do all the necessary job to restore the club's lost pride.

 "As a local boy and a lifelong supporter of the Club, I am very pleased that we have been able to agree a deal with the Manchester United Board that delegates us management responsibility of the football operations of the Club. Whilst the commercial success of the Club has ensured there have always been available funds to win trophies at the highest level, this potential has not been fully unlocked in recent times. We will bring the global knowledge, expertise and talent from the wider INEOS Sport group to help drive further improvement at the Club, while also providing funds intended to enable future investment into Old Trafford.

“We are here for the long term and recognise that a lot of challenges and hard work lie ahead, which we will approach with rigour, professionalism and passion. We are committed to working with everyone at the Club – the Board, staff, players and fans – to help drive the Club forward.

“Our shared ambition is clear: we all want to see Manchester United back where we belong, at the very top of English, European and world football.”